New IPL teams: RPSG Group claims Lucknow for Rs 7,090-cr; CVC Capital gets Ahmedabad

News Network
October 25, 2021

New Delhi, Oct 25: Kolkata-based business tycoon Sanjiv Goenka's RPSG Group claimed the Lucknow franchise for a whopping Rs 7,090 crore while international equity investment firm CVC Capital won the bid for Ahmedabad with a Rs 5,600 crore offer as the eagerly-awaited two new IPL teams were unveiled in Dubai on Monday, PTI reported.

The BCCI was expecting a windfall in the range of Rs 10,000 crore but to their surprise, earned Rs 12,690 crore from the two new teams that will take part in the 2022 IPL.

"Yes, RPSG had the highest bid of INR 7090 crore while CVC had the second highest bid at Rs 5600 crore. The BCCI stand to earn around $1.7 billion from the deal," a senior BCCI source present in Dubai told PTI on conditions of anonymity.

IPL will be a 10-team league from 2022. The two cities were favourites in terms of stadium capacity as Narendra Modi Stadium in Motera has more than 100,000 capacity while the Ekana Stadium in Lucknow has 70,000 capacity. The other cities in the hunt are Indore, Guwahati, Cuttack, Dharamsala and Pune.

"For BCCI and the cricket world, the addition of two new IPL teams -- Lucknow and Ahmedabad -- is a great value addition. It is a great achievement for us. UP got its first team & Ahmedabad also got a team, they've the best stadiums," said BCCI Vice-President Rajeev Shukla.

"We're extremely happy that Indian cricket is growing forward. That is what is important for us. We look at Indian cricket and that's what our job is. The more Indian cricket prosperous, the better it is," said BCCI President Sourav Ganguly on the addition of two new IPL teams

The mega auction for the 15th edition of the Indian Premier League, IPL 2022, will be held later this year in December.

22 companies had picked up tender document worth Rs 10 lakh but with base price for new teams pegged at Rs 2,000 crore, there were expected to be only five to six serious bidders in fray.

The BCCI had also allowed a consortium of up to three companies/individuals to bid for a franchise.

However, in case of an individual or company, that particular entity's annual turnover should be minimum Rs 3,000 crore and in case of consortium, each of the three entities should have an annual turnover of Rs 2,500 crore.

Goenka owned the Pune Franchise Rising Pune Supergiants (RPS) for two years and is also the owner of ISL franchise ATK Mohun Bagan.

There has been buzz that Lancer group, which is owned by Manchester United owner Avram Glazer, has also picked up the bid document. Gautam Adani and his Adani Group were also expected to bid for the Ahmedabad franchise.

The other notable companies which are in fray comprise Kotak group, pharmaceutical majors Aurobindo Pharma and Torrent group.

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November 30,2021

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Mangaluru, Nov 30: A 12-year-old boy and his mother lost their lives and two others are undergoing treatment after a lorry rammed into an auto-rickshaw on national highway 75 at Matha near Uppinangady on Monday November 29.

T Mohammad Altaf (12), a sixth standard student of Hirtadka government primary school, died on the spot. His mother Khadeejamma (46), who had suffered severe injuries in the mishap breathed her lost today in a hospital.  

Both of them were onboard the ill-fated auto-rickshaw which reduced into a bundle of metal in the mishap. 

Altaf’s elder brother T Mohammed Asrar (23) and auto rickshaw driver, Siddique (34) from Hirtadka are now undergoing treatment in the hospital. Both of them stated to have suffered grave injuries and their condition is critical.

Khadeejamma, who was a resident of Bengare, Mangaluru had been to her parental home at Hirtadka near Matha along with children. Yesterday, the family visited Uppinangady town in a bus and was going back home in an auto rickshaw when tragedy struck. A lorry that was moving towards Mangaluru from the direction of Bengaluru collided with the auto rickshaw in bid to overtake another vehicle. 

Khadeejamma’s husband late Ashraf, was a vehicle driver, had lost battle to cancer a couple of years ago despite spending hugely for treatment. Khateejamma was taking care of her children since then with the help of relatives. 

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November 18,2021

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Bangaluru, Nov 18: In a bid to encourage women to take up entrepreneurship, the Karnataka government will soon set up exclusive industrial parks dedicated to them in Mysuru, Dharwad, Harohalli and Kalaburagi, Large and Medium Industries Minister Murugesh Nirani announced here on Thursday.
 
The minister was inaugurating a women entrepreneurs' event titled 'Together We Grow' organised by UBUNTU Consortium of Women Entrepreneurs Associations to mark International Women Entrepreneurship Day at a private hotel here.

UBUNTU is a Consortium of Women Entrepreneurs Associations. Over 30 women entrepreneurs associations and 1,500 members function under a single platform.

Explaining the various government initiatives, Nirani urged budding women entrepreneurs to make use of those schemes.
 
"Karnataka is the first state in India to set up exclusive industrial parks dedicated to women in Mysuru, Dharwad, Kalaburagi and Harohalli. The purpose will be served if women entrepreneurs take advantage of this initiative. Women should join hands with the government in driving industrial growth by taking up entrepreneurship and providing jobs," Nirani urged.
 
Lauding the achievements of women in every sector, the minister wanted women entrepreneurs to create jobs. "Women are shining in every field in this competitive world. Empowerment of women will become more meaningful when women become entrepreneurs and provide jobs to others. Successful women entrepreneurs like Sudha Narayana Murthy of Infosys, Kiran Mazumdar Shaw of Biocon have become role models and their success stories should become a source of inspiration for budding women entrepreneurs," Nirani opined.
 
The minister said government, through various initiatives has been encouraging women entrepreneurs to unlock their potential to generate unlimited profit and create jobs. 'Udyami Aagu, Udyoga Needu' programme in Bengaluru was a grand success and it will be conducted in other districts in the coming days, Nirani informed.
 
He lauded UBUNTU for supporting and guiding women entrepreneurs and promised to extend government's cooperation and support in their endeavours.
 
"We are proud of the fact that today India has 13.5 - 15.7 million women-owned enterprises, representing 20 per cent of all enterprises. Accelerating quantity and quality of entrepreneurship towards such benchmarks can create over 30 million women-owned enterprises and this is not an impossible goal," Nirani expressed.
 
Explaining the regulations aimed at helping women, minister Nirani promised incentives for women entrepreneurs from weaker sections.
 
"Amendment to the Factories Act, 1948 allows women to work in the night shift between 7 p.m. to 6 a.m. Additional incentives are proposed to special category entrepreneurs such as SC/ ST women under new industrial policy," Nirani informed.

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November 24,2021

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New Delhi, Nov 24: Chairman of Adani Group, Gautam Adani, has replaced Reliance Industries Limited (RIL) chairman Mukesh Ambani to become the richest man in India and Asia for the first time ever. 

Currently, Adani Group operates a slew of companies including Adani Enterprises, Adani Green Energy, Adani Ports & SEZ, Adani Transmission, Adani Total Gas, and Adani Power, among others.

Adani’s wealth has swelled up recently, especially after the onset of the pandemic. For instance, his total wealth stood at around $4.91 billion on March 18, 2020. As of now, his net wealth has touched nearly $90 billion - a rise of more than 1800%. 

On the other hand, Ambani’s net wealth has taken a slight hit after Reliance Industries scrapped the deal with Aramco, a Saudi Arabian public petroleum and natural gas company based in Dhahran. 

However, the change of fortune was expected to happen anytime soon. According to Bloomberg Billionaire Index, Adani’s wealth had stood at $88.8 billion on Tuesday (November 23). On the other hand, Ambani’s net wealth stood at $91 billion.  

But on Wednesday (November 24), shares of Reliance Industries Limited dropped by 1.77% while the shares jumped 2.34%, closing in on the difference between the net wealth of Adani and Ambani. 

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